There are few places around the world with as rich and diverse a cultural heritage as the timeless city of New Orleans. It’s undoubtedly one of the great melting pots of the United States of America. Be it the cuisine, the history, the music, or the culture, this city has made a name for itself as having something for any and everybody.
The question we’re asking, though, is would it make a good place to live? The livability of a city depends on many other factors aside from those we’ve just mentioned such as the security situation, educational standards, employment opportunities available, and the general cost of living among others.
With the state of the current economy, the cost of living ranks very highly in making the decision to move to a new city and so we want to focus on the general economy, employment, and cost of living in the grand city of New Orleans.
Employment Prospects and General Economy
The city of New Orleans was built on the economic foundation of its massive and constantly bustling port. It grew in leaps and bounds to get to where it is on the backs of a thriving tourism industry, the influx of corporate America, as well as a highly efficient higher learning system designed to keep the corporations well-staffed. The city’s economy is spread out well enough to be fairly resistant to shocks. Major employers of the city’s workers include the Ochsner Health System, Acme Truck Lines, and Tulane University at the forefront. Levels of unemployment here stand at 6.4 percent, which is lower than both the Louisiana and national averages which stand at 6.8 percent and 8.3 percent respectively.
Good employment figures notwithstanding, the city manifests a poverty level that is 15 percent higher than the national averages, with 27.9 percent of the population living in poverty.
The General Cost of Living in New Orleans
When it comes to calculating the cost of living in a city, it’s vital to pay close attention to mortgage rates and housing costs of the area, as they vary from state to state and city to city and will, moreover, usually constitute the biggest chunk of your expenditure.
**Not directly related but definitely worth noting again: If you’re looking into buying property in New Orleans (or anywhere really) be sure to get a complete home inspection to make sure everything from the roof to the crawl space is in tip top shape**
The general cost of living index has the city of New Orleans attaining a score that’s a respectable 4 percent below the national average, meaning the city is reasonably affordable for the average American family. As per the norm in most major Northern American cities, some neighborhoods will be a lot cheaper to live in than others, so you have to be willing to sacrifice some elements of your most ideal lifestyle if you’re looking to save some money. These will be factors such as security, transportation costs, parking, grocery costs and utilities, and so on.
A Comparison With Other Major Cities
The basic needs don’t come cheap anywhere, as most of you will know. New Orleans is no exception by any means but it does compare favorably with a lot of other major North American cities. Let’s quickly take a few examples:
· New York City is 124% more expensive to live in
· Phoenix, Arizona is 1% less expensive to live in
· Miami, Florida is 13% more expensive to live in
· Dallas, Texas is 1% less expensive to live in
· Knoxville, Tennessee is 10% less expensive to live in
Whether or not you decide to make a move to this vibrant city, the best advice you can get is to do your research thoroughly and you will be all set to enjoy all this city has to offer you and yours!